India overtakes China to become world's biggest importer of Russian oil in July

India has surpassed China to become the world's largest importer of Russian oil in July, according to recent import data. This shift occurred as Chinese refineries reduced their oil purchases due to declining profit margins from fuel production. In July, Russian crude oil accounted for a record 44 per cent of India’s total oil imports, reaching an unprecedented 2.07 million barrels per day (bpd). This figure represents a 4.2 per cent increase compared to June and a 12 per cent rise from the same period last year. In contrast, China’s oil imports from Russia, including both pipeline supplies and shipments, totalled 1.76 million bpd in July, based on data from Chinese customs, as per news agency Reuters. 

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